Tanzanian Royalty Exploration Corporation reports that its
President, Joseph Kahama, attended the World Economic Forum on
Africa which was held recently in Dar es Salaam.
The forum discussed ways to promote foreign investment in key
African economic sectors where countries like Tanzania have a
comparative economic advantage such as agriculture and mining. Mr.
Kahama’s report follows below:
World Economic Forum on Africa
Highlights Growth Potentialin Key Sectors Including
Agriculture and Mining
(Dar es Salaam) More than 13 African heads of state, along with
1,000 business delegates and academics representing 85 countries,
met in Dar es Salaam, Tanzania May 5-7, 2010 to discuss strategies
to foster growth on the African continent in the aftermath of the
global financial crisis.
Over a dozen international corporations supported The World
Economic Forum on Africa as strategic partners including:
ArcelorMittal; Cisco; CitiGroup; Dow Chemical
Company; DuPont; Ernst & Young; Eskom;
Hewlett-Packard Company; HCL Technologies; Intel Corporation; KPMG;
McKinsey & Company; Microsoft Corporation; The Standard Bank
Group Limited and Unilever.
Despite Africa’s huge potential, it suffers from lack of
integration in the global economy as evidenced by the fact that the
continent has the smallest share of global exports – a modest
3.5%.
In recent years, the pace of industrialization in Africa has
been relatively slow but it remains on a positive trajectory as
indicated by the 6% annual growth rates between 2003 and 2007.
Initiatives are under way by several African nations to increase
the rate by creating incentives to attract foreign investment.
Pat Davies, Chief Executive, Sasol, South Africa, and Co-Chair
of the meeting, insisted there was no time for appropriate
regulatory structures to be set up before initiating public-private
partnerships.
“Focus on where there are markets and opportunities and use
business to remove barriers,” he said. Davies added that business
needed reasonable certainty and predictability to create
partnerships, claiming that companies would actually help create
regulatory frameworks by making an investment decision.
One of the keys to unlocking Africa’s potential lies with young
people who comprise 60% of the population. “Let’s take a bunch of
young people and put their minds on fire. You should believe in the
demographics [of Africa], make your human capital capable and
entrepreneurship will happen,” said Co-Chair Ajai Chowdhry,
Founder, HCL, Chairman and Chief Executive Officer, HCL
Infosystems.
Another key to promoting Africa’s potential is to develop its
agricultural sector, delegates were told. “All of us have to accept
and understand that farming is business,” said Co-Chair Joergen Ole
Haslestad, President and Chief Executive Officer, Yara
International, Norway.
Eight international companies at the forum agreed to form an
alliance to support the government of Tanzania in its Kilimo Kwanza
Agriculture Initiative, a program initiated last June in hopes it
will spark a green revolution across the country.
In order to curb food shortages and reduce the nation’s
dependence on imported food, the government launched Kilimo Kwanza
(literally “Agriculture First”) as a means of transforming its
agricultural sector into a modern and commercial sector. The
agricultural sector contributes about 27% to Tanzania’s Gross
Domestic Product, brings 30% of its foreign exchange and employs
80% of the population in Tanzania.
Tanzania has more than 44 million hectares of arable land, most
of which is still virgin, and a wide variety of ecological zones,
climates and water resources.
David Tarimo, a Tax Partner at PricewaterhouseCoopers in
Tanzania, noted that agriculture and mining are two sectors where
the country has a comparative economic advantage and significant
unexploited potential. In fact, he maintains they are critical if
Tanzania is to achieve the economic growth aspirations articulated
in the Vision 2025 goal of Tanzania as a middle income country.
Tarimo also pointed out that agriculture benefits from
significant tax reliefs. Apart from the immediate write-off of
plant and machinery, agricultural companies also benefit from the
immediate write off of agricultural improvement expenditure
(including the costs of clearing land and excavating irrigation
channels, and planting perennial crops or tree bearing crops).
Buildings, structures and similar works of a permanent nature
used in agriculture, livestock farming or fish farming are written
off on a straight-line basis over five years. Dams, water
reservoirs and fences are also included in the category of
buildings depreciable at 5% straight-line.
Mining companies are entitled to a 100% capital deduction in
respect of prospecting and development capital expenditure, and can
file income tax returns and accounts denominated in US dollars.
No customs duty is payable on imports by mining companies up to
the first anniversary of the commencement of production, with
duties thereafter capped at a rate of 5%. The standard royalty rate
on most minerals was recently increased to 4% which is compatible
with other African jurisdictions. The 2009 Budget removed fuel tax
exemptions for the mining sector as well as certain VAT
reliefs.
The World Economic Forum is a Geneva-based foundation that
brings together business, political, intellectual and cultural
leaders from around the world to discuss issues confronting the
international community. This the first time the gathering has been
held in East Africa.
For further information, please
contact Investor Relations at 1-800-811-3855Visit our website:
www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and NYSE
Amex Equities have not reviewed and do not accept responsibility
for the adequacy or accuracy of this release
Cautionary Note to U.S. Investors - The United States
Securities and Exchange Commission limits disclosure for U.S.
reporting purposes to mineral deposits that a company can
economically and legally extract or produce. We use certain terms
on this news release, such as “reserves”, “resources”, “geologic
resources”, “proven”, “probable”, "measured", "indicated", or
"inferred" which may not be consistent with the reserve definitions
established by the SEC. U.S. Investors are urged to consider
closely the disclosure in our Form 20-F, File No. 001-32500.
You can review and obtain copies of these filings from the SEC's
website at http://www.sec.gov/edgar.shtml.
Certain information presented in this release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on numerous assumptions, and
involve known and unknown risks, uncertainties and other factors,
including risks inherent in mineral exploration and development,
which may cause the actual results, performance, or achievements of
the Company to be materially different from any projected future
results, performance, or achievements expressed or implied by such
forward-looking statements. Investors are referred to our
description of the risk factors affecting the Company, as contained
in our Form 20-F, File No. 001-32500, for more information
concerning these risks, uncertainties, and other factors.
Tan Range Exploratio (AMEX:TRE)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
Tan Range Exploratio (AMEX:TRE)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
